A multi-million dollar industry, called ‘Potentiam Revolutionary Block-chain Global Music Platform,’ has been launched by two U.K.-based Nigerian entrepreneurs, just as they await stakeholders, creators and music lovers to take advantage of the platform. The user-created content on social media has pulled in millions and the space is exploding, say the founders, Marcus Adetola and Ben Balogun.

They stated that Potentiam would create an equal playing field for music creators and highlight talents of individuals across the world. Potentiam is a block-chain music ecosystem where music creatives can converge and collaborate from anywhere in the world. Such creatives can interact and transact business, knowing they are safe and there will be no loss. All transactions are performed with the use of smart contract, a computer protocol intended to facilitate, verify or enforce the negotiation or performance of a contract. Sheila Adetola, Executive Director of Lagos and London-based Sheila Blackstar Ltd, is the representative of Potentiam in Nigeria.

Last year, mobile social users hit over 17 per cent, permanently solidifying social media as a colossal, moneymaking tour de force, but the best part is that the industry is corporation proof, its power lying completely within its user-base, which is fast growing.

Facebook alone raked in $26 billion in 2016 because of its user base, signifying an incredible time to be a creative because the landscape up till now has been a massive headache. Musicians, even in the social media boom, are still stuck working with passé and defunct intermediaries just to get their music published and they cough up about 86 per cent of their profits on average. This is why the new platform would serve as a better place for musicians.

The founders said, “We created Potentiam, a new platform to provide stable interaction and collaboration without middlemen and second hands that zap and gouge profits. Potentiam connects musicians with each other to chase common aspirations and goals and offers a safe way to make transactions. Potentiam is the first platform, using block chain tech and crypto-currencies to create a fair landscape for musicians. We created Potentiam in 2017 after learning about all the problem new artistes face through our other leading company, music discovery platform Britznbeatz.”

According to them, lack of capital, exposure, fair revenue distribution and a wealth of other setbacks ranked high in the minds and hearts of artists trying to make it and noted that based on these factors, they hoped that a difference could be made.

They also noted, “If you’re contributing to the music industry, you should get a reward. It doesn’t matter if you’re a fan, a music blogger, writer, producer, or artiste. If you love music, and you’re part of the music ecosystem, you deserve to be able to show that with pride. How? Let me give you an example. Talent is all over the world. I’m Nigerian by origin, and there’s incredible talent in Nigeria that’s never heard. Sure, you can mention Davido and Whizz Kid, but that’s just part of what makes the music culture in Nigeria phenomenal. This is the case across Africa, and in countries all over the world. Music categories emanating from the western world have, unfortunately, marginalised how unique music can be heard.”

They further explained the advantages of the platform, noting, “With Potentiam, losses that could have occurred using traditional systems like PayPal will not happen. Plus, Potentiam uses a standardised currency (PTM), which means everyone is compensated based on the value they bring to the ecosystem. On Potentiam, we value every member of the community. You will receive rewards in form of crypto-currency (PTM) for sharing, liking and even inviting other people to Potentiam— or offering your services to music creatives on the network for a fee. The Potentiam ecosystem requires minimal fees, all of which are less than all the other counterparts out there. We use the word counterpart to mean transaction system—but Potentiam has no rival. The economics of Potentiam are based on meritocracy and a proof of stake ideology.”

The duo further explained that Potentiam has chosen to adopt a system shifting away from direct brute-force competition towards a more cooperative, alliance-building, stable kind of relationships.

“With Potentiam, everyone is an active and vital component,” they said. “Even when it comes to advertising, brands can negotiate with feed holders directly. The more the network is used, the more PTM will increase in value. You can own a part of the Potentiam network and you can set up your future in music to excel and exceed your wildest expectations. Potentiam will create an equal playing field for music creatives and highlight talents of individuals from around the world. This is the next evolution of the music industry, and the next level of your music career.”